Cotton Rallying into the Weekend
Cotton futures are trading with gains of 86 to 99 points at Friday’s midday. Crude oil is up $1.21 per barrel, with the US dollar index $0.388 lower.
Export Sales data updated on Thursday showed old crop cotton commitments at 11.976 million RB as we rounded out the marketing year. That was 1% above the same period last year and 102% of the USDA forecasted export total. New crop business is at 3.12 million RB, wich is 43.33% ahead of the same pace from last year.
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The Seam reported 72 bales sold on the 8/6 sale, with an average price of 67.75 cents. The Cotlook A Index was up 50 points on August 6 to 93.50 cents. ICE certified cotton stocks were steady on Wednesday, with the certified stocks level at 84,632 bales. The Adjusted World Price was raised by 163 points on Thursday to 66.29 cents/lb.
Oct 26 Cotton is at 82.95, up 99 points,
Dec 26 Cotton is at 84.02, up 86 points,
Mar 27 Cotton is at 85.79, up 90 points
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